Spot Silver registered a fresh all-time high of $94.08/oz. on Monday, as US President Donald Trump’s new tariff threats over Greenland re-ignited safe-haven metals demand.
Trump said over the weekend that the US would implement a wave of increasing tariffs on European allies until it is allowed to acquire Greenland.
Trump said the US would impose 10% tariffs on imports from several EU countries, the UK and Norway, which will take effect on February 1st.
EU ambassadors agreed on Sunday to bolster efforts to dissuade Trump from imposing tariffs on European allies. But, in case the levies were imposed, the EU would respond with retaliatory measures, European Union diplomats said.
European Commission President Ursula von der Leyen wrote on X that tariffs would harm transatlantic relations and could trigger a dangerous spiral.
Meanwhile, investors continued to evaluate the potential depth of the Federal Reserve’s policy easing.
US producer inflation data for November turned out to be softer than expected and, similar to earlier US CPI report, suggested that price pressures were gradually subsiding. This could provide room for the Federal Reserve to lower interest rates.
Investors are now expecting at least two rate cuts by the Fed this year.
Spot Silver was last up 3.35% on the day to trade at $93.15 per troy ounce.
“On silver, the medium-term narrative remains constructive, supported by persistent physical deficits, resilient industrial demand and safe-haven demand,” Christopher Wong, a strategist at OCBC, was quoted as saying by Reuters.
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